——A lot of college graduates get lousy, low-paying jobs-—
The reason is that those individuals have lousy pretty much worthless degrees. An A or B in underwater basket weaving for a fine arts major is meaningless in a work a day world that needs people that can communicate with their counterparts in Singapore or Zug.
1) Many people are not money motivated. For example, many evangelicals do the work that they feel God has called them to do. The prosperity gospel movement has risen specifically to address this culture that believes the Bible says love of money is the root of evil. Look here on FR where money loving evangelicals like Rev Creflo Dollar are ridiculed and called unchristian because the preach, and lead by example, the aspiration to prosperity.
2) Many people, even when they TRY to be money motivated, don’t know how to do it. They lack the skills and basic cultural knowledge. There are many people who attend Trump U and Rich-Dad-Poor-Dad seminars and just don’t grasp the concept.
3) Many of us working in jobs that require a college degree do not have a degree. There is no difference performance or profitability to the company between those with and without a degree. The requirement of a college degree is used like any other alleged requirement as a way for the employer to reject someone they don’t like without stating the real reason for the rejection. (Some employers don’t like an applicant’s attitude, body odor, ugly face, race, religion, etc.) Many employers make hiring decisions based on reasons that have zero to do with the profitability of the company.